Polygon Investment Partners didn't exactly lose the farm in August, but it did lost big on the house.

The London-based firm's European Equity Opportunity Fund saw its year-to-date gains wiped out last month. The $250 million fund fell 6.63%, leaving it down 4.92% on the year, The Wall Street Journal reports.

The two-year old fund was battered by its investment in a mid-cap U.K. home builder, among others, co-founder Reade Griffith wrote.